Vice President Kamala Harris expressed her support for US Steel to remain domestically owned during a campaign stop in Pittsburgh. She emphasized the importance of maintaining strong American steel companies for the nation's well-being.
President Joe Biden also echoed similar sentiments, highlighting the historical significance of US Steel as an American company. Both leaders emphasized the need for American ownership and operation of US Steel.
The proposed sale of US Steel to Japan's Nippon Steel has sparked controversy, with the White House opposing the deal. President Biden has emphasized the importance of American steel companies being powered by American workers, particularly during his visit to Pittsburgh, known as 'Steel City.'
The $14 billion takeover bid by Nippon Steel has raised concerns about national security implications. The deal requires approval from the Justice Department and the Committee on Foreign Investment in the United States, which evaluates takeovers on national security grounds.
US Steel shareholders have overwhelmingly supported the sale to Nippon Steel, which includes commitments to invest in refurbishing mills in Pennsylvania and Indiana. US Steel's CEO, David Burritt, believes that these investments will strengthen the company and the American steel industry as a whole.
It remains to be seen how the Biden administration will proceed in evaluating the deal on national security grounds. Both US Steel and Nippon Steel have refrained from commenting on discussions with Vice President Harris regarding the proposed sale.
